Sheffield Wednesday - Into Administration (p44)

swordfish said:

EugenesAxe said:

swordfish said:

EugenesAxe said:

FremlinsFellow said:

No Sheffield Wednesday fans should be celebrating going into administration - as previous posters have stated it will be honest local suppliers and organisations like St John’s Ambulance who will lose out. 

Again says a lot about their all about them attitude 

Celebrating that Chansiri is out. Same as any other clubs fans would celebrate being rid of a bad owner. 

No going into administration, I understand celebrating because he’s gone.

"So happy, despite the minus 12 and the uncertainty"

That was the reaction from a Wednesday supporting friend of mine on hearing the news. Make of it what you will.

SomervilleAddick said:

Much like Roland and his belief he can £50m for the Valley, I’m struggling to understand what Chansiri is doing. If the rumour was true, he could have trousered £40m in the summer. I can’t see him recovering anything like that through administration, even if he is the largest creditor. At the same time, I’m not sure why he put the company holding the ground into administration rather that hold it as a bargaining chip against any new owners, while getting $2.5m a year for doing nothing. 

Kap10 said:

iaitch said:

stevexreeve said:

Karim_myBagheri said:

Something I guess we already all know but found it sad to hear that the administrators have said

 "Like many football clubs, it has been trading at a significant loss for many years, with those losses historically funded by the owner. Mr Chansiri is no longer willing to provide that financial support"

and this the football authorities, the TV companies, the richest clubs in the premier League and the government still do nothing about to relieve this pressure on so many historic clubs. Of course this is a global game and we need other leagues and countries involved but surely the richest football nation should be setting an example and being first to address these issues. How they do that I don't exactly but the way it's going it's not sustainable. 

Administration is surely a good way to address some of these issues. It effectively lets a club (or any other business) wipe its most of its debt and become a "viable" business again.

Shef Wed without debt are always going to be a viable business even if they are dumped into the 9th tier of the pyramid!

As we learnt from Southall, it is owners who simply take company money and spend it on themselves that need to be legally stopped. But this applies to all businesses (including schools) not just football!

It's not a good way for the people that are owed money.

Palace  screwed a large numbet of local suppliers when they went into administration. It was against this background that the foundations of their rise and Premiership success was built.

Athletico Charlton said:

I suspect the £40M summer offer was bollox, media pressure by someone interested in acquiring applied to Chansiri.  The club had no discernable player assets and has a condemned stand needing £m's of capex. No way anyone offered £40M for that.  

Swindon_Addick said:

Those people calling for clubs to face the death penalty for going into administration do remember what happened to us in the 1980s, yes? And what very nearly happened when we were struggling to get rid of ESI? 

ShootersHillGuru said:

fenaddick said:

There's one thing you can do when your club goes into admin to help those local businesses and that's spend money. And to be fair to them, that's what the fans are doing. They've spent over £200,000 in the club shop since admin and in the 24 hours after they sold 9,000 tickets. That's money that will go to paying off creditors and help pay wages of normal staff. Can't argue with that really

Don’t get me wrong because I agree but players wages suck the life out of that amount of revenue. Yes Sheffield Wednesday lost a lot of the big earners and the squad is filled with younger players not earning a fortune but I wouldn’t mind betting that their wage bill for playing staff is still over £200k per week. 

ShootersHillGuru said:

Swindon_Addick said:

Those people calling for clubs to face the death penalty for going into administration do remember what happened to us in the 1980s, yes? And what very nearly happened when we were struggling to get rid of ESI? 

I think that’s very valid but I think the true punishment for huge financial irregularities should fall somewhere in between the death penalty and effectively relegation by one division. Even relegation isn’t guaranteed is it ? Seems to me that most clubs that come out of administration come out smelling of roses. I don’t think that should ever be the case. 

ShootersHillGuru said:

Administrator saying that there are four or five serious parties interested in bidding for the club. Great news for the fans. 

Alwaysneil said:

ShootersHillGuru said:

Administrator saying that there are four or five serious parties interested in bidding for the club. Great news for the fans. 

Depending on whether the administrators choose a) the serious offer for £15m with investors who care about the club and its development or b) the chancers who have borrowed £16m on credit cards and reckon they can punt the club on in 2 years making themselves a tidy profit 

Chris_from_Sidcup said:

CharltonManor1966 said:

Agreed that 12 points is not enough on its own and Wendies could benefit in the medium term out of the administration, but surely the ongoing transfer embargo's will still hurt them over the next few windows and stop any new wealthy owners from just buying their way out of this quickly?

I've always thought that embargo's are relaxed once a new owner comes in and debts are cleared.

I'd find it hard to believe the EFL would say to a new multi-millionaire owner 'sorry you can't buy anyone til 2027 because the last guy was a shambles'.

• A Fee Restriction will remain in place from the date of the breach until it expires at the conclusion of three full transfer windows (pending appeal).